High time for InsuranceTech

Don't believe the anti-hype. Analysis by KPMG shows that global investment in private fintech companies hit $5.7bn in Q1 2016. This is still an area that's moving at breakneck speed.

A more interesting storyline comes out of KPMG's report however - a slow but steady increase in InsuranceTech investment.

Insurance is accused of being much slower to innovate. There's an element of truth in this. Insurance lends itself less well to 'modular' disruptors shaking up a distinct part of the insurance process. But clearly a number of companies consider themselves up to the challenge - connected devices, predictive analytics and artificial intelligence (roboadvice) are all now being used by startups to revolutionise the insurance sector.

Banking has so far stolen the fintech focus, but the broad similarities between these two sectors indicates that insurance won't be far behind.

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fintech startups continue to attract large investment both in the US and abroad, and investors gravitate to areas yet untouched by much tech innovation including insurance